Paytm shares surge by 10% day after CEO Vijay Shekhar Sharma's meeting with FM Nirmala Sitharaman, RBI
Hindustan TimesPaytm share price rose by 10 per cent, providing relief to the investors day after the fintech firm's founder Vijay Shekhar Sharma met the Reserve Bank of India and finance minister Nirmala Sitharaman. Shares of Paytm climbed 7.99 per cent to ₹473.55 during the day on the NSE and ended at ₹452.80 each, up 3.26 per cent. The central bank's refusal is indeed a setback to Paytm as it will now need to migrate the Payments Bank accounts to third party banks well before the deadline to ensure that the payments interface functions smoothly. Avinash Gorakshakar, head of research at Profitmart Securities, told Reuters the share move could be a "dead-cat bounce" after the recent rout, pointing to the amount of negative news still overhanging the stock.